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Thursday, March 8, 2012

Gold technicals?

These are the monthly and weekly charts of gold.

Technically this is all anyone needs to know about gold.  Every time it goes from the top of the channel to the bottom of the channel technical momentum traders like Gartman, the fast money crowd on CNBC, the geniuses at Fox Business, Gene Epstein at Barrons etc etc declare that the gold bull is dead, and they urge everyone to sell all their gold.

Don't listen.  Don't trade gold.  Think why it's been going up.  Think to see what's changed.  If you can't think it through stay away altogether.  If you can, then you'll see we're a long long way from the day when anything will change.

Otherwise you'll be one of the dopes trying to make money off something like this:

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